Tax Saving Tips

Planning for TAX TIME

Here’s some tax saving tips to prepare for the end of financial year:

Instant asset write-off

The Asset Write-Off limit has been increased to $30,000, so business assets that are purchased before 30 June may be claimed as a full deduction in your 2019 tax return.

Remember:       

  • Multiple assets can be eligible, as long as the cost of each asset is less than $30,000
  • Each asset must be installed/ready for use by 30th June.

Prepaid expenses

Pre-paying expenses means that future expenses are brought forward into the current financial year trading and can be claimed in this year’s tax return.

Remember:       

  • Expenses can include rent, registration fees and insurance
  • Lease contracts can be pre-paid for up to 12 months in advance and the lease payment claimed in current financial year.

Small business concessions

  • Simplified trading stock calculation
  • Accelerated depreciation for primary producers – fencing, water facilities, fodder storage

For more details, please see the ATO website: https://www.ato.gov.au/Newsroom/smallbusiness/General/Take-advantage-of-small-business-concessions/?sbnews20190619

 

For help with your tax, seek advice from your registered tax professional.


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